BSP Mandates National ID Integration for Crypto Exchanges, E-Wallets, and Banks
The Bangko Sentral ng Pilipinas (BSP) has issued a draft circular requiring licensed Virtual Asset Service Providers (VASPs), Electronic Money Issuers (EMIs), and retail banks in the Philippines to integrate with the Philippine Statistics Authority's (PSA) National ID Authentication Services (NIDAS).
The mandate aims to reduce identity verification friction and prevent fraud by allowing financial institutions to ping the government's central registry via the National ID eVerify system.
Prospective customers will no longer need to present or upload photos of physical plastic ID cards or paper printouts to open accounts. Instead, platforms will perform automated backend token matches or exchange demographic data fields for deeper customer due diligence.
The BSP has divided regulated institutions into two distinct waves, with high-volume digital platforms facing a three-month deadline and others facing a six-month deadline to comply.